Wednesday, December 31, 2008

Thanks to Yang Berhormat Dato’ Sri Azalina Dato’ Othman Said for her confidence in me over the last eight months in regards to my appointment as the Executive Director of Pempena on 2nd May 2008 & subsequently as the Executive Chairman with effect from 1st Oct 2008.

From the beginning of my appointment as Executive Director, I have discovered that the company needs a thorough restructuring and revamp. With the support and assistance from YBM, the Board Members and also the senior management of Pempena, the new Management have devoted our time on restructuring and recovery.

To ensure transparency, we have appointed PricewaterhouseCoopers Capital Sdn Bhd (PwC) to undertake a business review of Pempena. While the first phase of organization restructuring on Pempena were undertaken, the new Management has undertaken internal review including having series of sessions with each partner in the investee companies.

Based on the PwC business review report and internal review on all the companies, we have made recommendations to the Board of Pempena, and the Board at its meeting on 24 November 2008 decided that Pempena is to retain and enhance its investment in 14 investee companies and to exit from the rest of 10. No new investment shall be made until Pempena is stabilized.

Meanwhile, the Management has also undertaken various cost reduction measures including tightening up the management of procurement process, organization restructuring as approved by the Board including staff reassignment to ensure that the staff employed are productive and that there shall be no replacement upon leaving.

Pempena has also reported to the relevant authorities where there is strong suspicion of wrongdoings. With all the above-mentioned steps taken, the first phase of organization restructuring and revamp has been completed.

During my stewardship in Pempena for the last 8 months, despite facing unfair allegations and various negative publicity, with the support of the company's management, I had patiently strive to resolve problems and find solutions for the company, including making recommendation to the Board and YBM for Pempena way forward.

I deeply understand that the company, in facing future challenges, besides requiring support of resources, also requires a leader that can dedicate his time on this long recovery and consolidation process. Reorganization and the tasks in restructuring current investments, revamping a new corporate culture, rebuilding and re-branding Pempena and ensuring the 70% two years old investee companies generate the projected financial returns are not something that can be achieved and accomplished in a short period.

With my appointment as MCA Wanita Chief since two months ago, I discovered that both MCA Wanita and Pempena require my dedicated time on one hand in organization restructuring and another hand required my devoted time in transforming and rebuilding the party.

Since I have completed the first phase of organization restructuring, before moving into a longer period of second phase of organization revamping, I felt it is time for me to resign from Pempena as Executive Chairman in order to make way for the Management of Tourism Malaysia, the holding company of Pempena to move the company forward.

With much regret, I hereby announce my resignation as the Executive Chairman and Board Member of the company effective from 31st December 2008.

Lastly, I would like to thank YB Dato’ Sri Azalina Dato Othman Said, the Board and the staff of Pempena in giving the support and assistance to me. I hope the company will move forward as soon as possible, and will again excel as the pioneer and catalyst to Tourism industry.

5 comments:

YB, you have made an honorable decision and I'm sure Pempena will move forward as intended. All the best to you and Pempena. Its time we "MAKE things happen" - we cannot just "Hope" - hope is NOT a strategy.Regards,Fariz

I just visited your blog and I saw your press statement regarding your official resignation as the executive chairman of Pempena.

I salute Datin Paduka for your success for being able to complete the 1st phase of Pempena’s restucturing and reorganising, concurrently on the other hand you were also busy implementing strategic actions to transform and rejuvenate the Wanita MCA and Beliawanis MCA.

Wanita MCA and Beliawanis MCA must be proud to have a compassionate and committed National Chairman i.e. Datin Paduka Chew who is willing to put full time to aggressively and innovatively focus on creating a new political culture, rebuilding and re-branding MCA.

I honour the action taken by Datin Paduka to resign from Pempena. You took a position which many political cum corporate leaders may not take because of self benefit purposes. You have shown to Malaysia that you are not a self absorbed person but a corporate leader that sees Pempena in a larger picture.

You impressed me further with your sincerity and honesty by informing the public that you are taking a step back so that Pempena can move forward under a leader who can fully commit and be dedicated to see to the success of Pempena in its 2nd phase of restructuring.

I am glad that YB had decided to quit. Honestly, the Chairman position should be given to a Bumiputra. Tourism related business is not for those who are not groomed in this industry. It is not a place for Newbies. Since it is only on short sting, I guess its okay. Any longer will be a drain to the taxpayers' funds.